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SBP announces to implement IFRS 9 from January 1, 2022


Daily Times
July 7, 2021
The State Bank of Pakistan (SBP) on Tuesday announced the implementation of the International Financial Reporting Standards 9 (IFRS 9) from January 01, 2022.
In a statement, the SBP said that through Circular # 04, dated October 23, 2019, wherein the effective date of IFRS 9 implementation and its transition requirements were advised. However, keeping in view of Covid-19 impact and banking industry representations, it has been decided to implement the IFRS 9 from January 01, 2022 instead of its earlier implementation date of January 01, 2021.
The central bank said that it is aware of the fact that IFRS 9 implementation involves considerable judgment on part of the Financial Institutions (FIs) particularly on the Expected Credit Loss (ECL) Methodology. In this regard, the SBP, in line with best international practices, has developed “IFRS 9 application instructions” for ensuring smooth, robust and consistent implementation of IFRS 9 in t ....

International Financial Reporting Standards , State Bank , Financial Institutions , Expected Credit Loss , Conversion Factor , Loss Given Default , சர்வதேச நிதி புகாரளித்தல் தரநிலைகள் , நிலை வங்கி , நிதி நிறுவனங்கள் , எதிர்பார்க்கப்படுகிறது கடன் இழப்பு , மாற்றம் காரணி , இழப்பு கொடுக்கப்பட்டது இயல்புநிலை ,